Triton Outlook and Market Fundamentals
$MM
Robust Capital Structure
DIVERSIFIED CAPITAL STACK (1)
CASH FLOW COVERAGE
12,000
11,000
10,000
9,000
Unsecured
Debt
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
■Senior Unsecured Notes
■Term Loan and Revolver
ABS Notes and Warehouse
■Preferred Stock
Secured
■Common Equity
Debt
Equity
$MM
Net Debt as % of
Revenue Earnings Assets
$2,000
$1,800
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
2023
Principal Debt Obligations
2024
2025
2026
2027
2022 Cash Flow Before Capex (excluding certain items)
NET DEBT AS % OF REA (3)(4)
90%
Financial
Crisis
80%
70%
60%
Industrial &
Commodity
Recession
Trade War /
COVID-19/
Pref. Issuance
ND/REA
ND/REA Excl. Prepayments
12/31/2022
(1) Triton is currently rated BBB- by S&P Global Ratings and Fitch. The Senior Unsecured Notes, Term Loan and
Revolver become unsecured on Oct. 14, 2021. Senior Unsecured Notes have bullet maturities ranging from
2023 to 2032.
+
TRITON
Q3 '08
Q3 '09
Q3 '12
(2) All periods exclude purchase accounting adjustments. Net Debt defined as Total Debt
plus Equipment Purchases Payable less Cash and Restricted Cash.
(3) Lease prepayments reduce reported Net Debt, resulting in a decrease in leverage.
ND/REA Excl. Prepayments adds back 75% of deferred revenues to adjust for these
prepayments.
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